Gold Falls Below $1,200
October 6, 2014
This week marks the inaugural show for the PNG Invitational in New York City at the Millennium Broadway Hotel, located within half a block of Times Square. Over 50 Gold coins from the Saddle Ridge Hoard will be on display which includes the finest known 1866 S No Motto $20 Liberty. Heritage Auctions and Stack’s Bowers Galleries will host major auctions with some wonderful rarities available. Below are just a few of the featured highlights from these two sales.

Gold fell below the $1,200 mark last week but has rallied back somewhat this morning to just above at $1,206.50. Dealers are hopeful that this will establish a new base and initiate some upward momentum for all the medals. Silver, which had dropped to under $17 an ounce, is up to $17.21.

Teletype business continues to be dominated by bullion related coins with Eagles and Buffalo Gold garnering most of the buy/sell messages. Proof Gold Eagles are now wholesaling at $1,410 per ounce in OGP. Proof Silver Eagles are just a touch under $50.

Most coins are steady at present levels in this week’s LD Wholesale Market Dealer Price Guide as many of the reported series have been rather inactive. The one area with a large amount of increases was early Lincoln Cents. Dealers and collectors appear to be hunting for better date coins that are reasonably priced compared to the next highest grade.

For example, the 1913 D in MS63 RB is higher at $220 Market; the MS64 is currently priced at $400. In addition, the MS63 Red is at $285 and they are rarely offered for sale. Buyers believe coins like the 1913 D in MS63 RB with lots of Red are a bargain compared to the higher priced coins in MS63 RD or MS64 RB. The 1917 S MS63 RB and the 1919 D MS64 RB are also higher, at $285 and $250, respectively.